SEOUL, February 17 (AJP) - A U.S. private equity firm has assumed control of the Inspire Integrated Resort near Incheon International Airport after the property accumulated losses exceeding 150 billion won ($112 million) in its first year of operations.
The resort, which opened in January 2024, was originally developed by Mohegan Gaming & Entertainment with an investment of 2 trillion won. The complex includes three five-star hotel buildings with a total of 1,275 rooms, a multipurpose arena with a 15,000-seat capacity, a convention center — capable of accommodating 4,000 attendees — an indoor water park, and a foreigner-only casino, spanning 24,000 square meters.
According to an official at Incheon International Airport Corp., Mohegan lost its full ownership stake after failing to meet specific loan covenants tied to financing for the resort. Since its opening, hotel occupancy rates have fluctuated between 47 percent and 83 percent.
The new owner, Bain Capital, founded in 1984, manages approximately $185 billion in assets through 24 offices across four continents and employs more than 1,850 people. The firm has a broad investment portfolio in South Korea, covering sectors including consumer goods, technology, healthcare, and financial services.
Mohegan had previously outlined plans to invest 6 trillion won through 2046 to establish Northeast Asia’s largest integrated resort. However, the ownership transfer casts uncertainty over the resort's future.
A spokesperson for Inspire said Bain Capital’s acquisition pertains only to management rights and will not affect the resort’s operations.
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